Non Banking Finance Company Registration

Non-banking financial company provide services like borrowing and lending money, credit facilities, retirement planning, investing and stocking in the money market. Non-Banking Financial Company registers under the company act, 2013. NBFC get a registration from the Reserve bank of India to carry on the business. These service covers law and regulation under the RBI.
Solubilis provide Non-Banking Financial Company registration in all over India. Solubilis provides the significant service with the eminent specialist, we have a decade of experience, and we assure and react according to the act.

Pre Requisites

  • Every NBFC should have a net owned fund of Rs.200 lakhs.
  • Should be at least 1 director in the company from the same background
  • Good CIBIL score is required to present in order to register as NBFC.
  • NBFC are allowed to accept and renew public deposit for minimum span of 12 months and maximum span of 60 months.
  • RBI prescribed the ceiling rate of interest so NBFC cannot exceed the rate of interest
  • NBFC do not form part of the payment and settlement system and cannot issue cheques drawn on it.
  • NBFC cannot offer higher interest rates, gifts, incentives and any other additional benefits to the depositors.
  • The deposits with NBFCs are not insured

Documents required

  • PAN Card
  • Aadhaar card
  • Proofs of directors and partners
  • Incorporation certificate
  • Bank statement
  • Company's financial statement
  • Memorandum of Association
  • Article of Association
  • Address proof
  • Income tax registration copy
  • GST registration copy
  • Brief documentary of business activity

Procedure of NBFC


Step 1: Submit the application on COSMOS

  • The entity willing to get NBFC registration has to apply online on RBI’s official website of COSMOS and download the application

Step 2: Make available the approved regional office name in C-8

  • The aspirant has to provide the proper name of the regional office in the Annex-I Identification in the excel application form.

Step 3: Allotment of Company Application Reference Number

  • Company Application Reference Number will be received by the applicant who will be used for the purpose of filing the application of CoR (Certificate of Registration) online.

Step 4: Send the documents to the Regional Office

  • The applicant has to submit hard copies of all documents and application form to the concerned regional office of RBI. Online Company Application Reference Number should also be provided to the regional office.

Step 5: Track the status of the application

  • On completing the above steps successfully, an applicant can check the status on the COSMOS website by entering the company application reference number.

FAQ'S


A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in instalments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).

Financial activity as principal business, when a company’s financial assets constitute more than 50 percent of the total assets and income from financial assets constitute more than 50 percent of the gross income. A company which fulfils both these criteria will be registered as NBFC by RBI.

NBFCs whose asset size is of ₹ 500 crore or more as per last audited balance sheet are considered as systemically important NBFCs. The rationale for such classification is that the activities of such NBFCs will have a bearing on the financial stability of the overall economy.

NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:
NBFC cannot accept demand deposits;
NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on it;
Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.

No. Some financial businesses have specific regulators established by law to regulate and supervise them, such as, IRDA for insurance companies, Securities Exchange Board of India (SEBI) for Merchant Banking Companies, Venture Capital Companies, Stock Broking companies and mutual funds, National Housing Bank (NHB) for housing finance companies, etc;

The Reserve Bank of India regulates and supervises Non-Banking Financial Companies which are into the business of (I) lending (ii) acquisition of shares, stocks, bonds, etc., or (iii) financial leasing or hire purchase.

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